accounting treatment for increase in vat balance in next yr
This query is : Resolved
16 June 2010
As per the rules, we are required to file a yearly consolidated return of VAT by 30th june 2009. the company filed the annual return for the year 2008-09 by december 2009. there was an increase in the vat credit. i want to take effect of it in the year 2009-10. what should be the accounting treatment for the same. how should the journal entry be passed to include the increased vat amount in my books?
CMA Ramesh Krishnan
(Expert)
16 June 2010
VAT credit arising due to Purchases only.so if it will raise the purchase value might have reduced so you can credit purchase, or some wrong rate VAT credit incresed you need to credit sundry creditors
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